In April 2022, Elon Musk purchased Twitter for a whopping $44 billion and shortly thereafter rebranded it as X. Following this change, the user count of the social media platform, which has been pursuing an aggressive and interesting policy under Musk, has become a topic of great interest. The latest figures reveal the current state after Musk’s acquisition.
X (formerly Twitter) faces stagnation in user growth
Since Elon Musk’s acquisition of Twitter, now known as X, there has been a noticeable slowdown in the platform’s user growth.
According to internal data obtained by the Financial Times, X’s daily active user count has only increased by a modest 1.6% since the second quarter of last year, reaching 251 million. This increase stands in stark contrast to the double-digit growth rates the platform had seen in previous years.
From 2019 to 2022, Twitter had averaged around 15% annual growth, peaking at 35% in 2020. However, after Musk acquired the platform for $44 billion at the end of 2022, there was a sharp decline in growth rate. In the second quarter of 2023, growth remained at only around 5%.
While Musk’s management may not be the sole reason for X’s stagnation, changes implemented on the platform and Musk’s controversial statements may have impacted user acquisition. Musk’s outspoken comments about significant sponsors, a slowdown in combating spam bots, and the introduction of paid features have noticeably reduced the platform’s appeal.
In conclusion, the stagnation in X’s user base underscores the complex dynamics of the social media industry and the potential impacts of a major platform changing hands.
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